A recent annual report for Nordstrom Inc., disclosed that the company declared and paid dividends on common stock in the amount of $1.20 per share. During the year, Nordstrom had 1, 000, 000, 000 authorized shares of common stock and 191, 200, 000 issued shares. There is no treasury stock. Required: Assume Nordstrom declared the entire dividend ($1.20 per share) on February 20 and subsequently paid the dividend on March 1. Prepare a journal entry to record the declaration and payment of dividends. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (ie., 1, 000, 000 not 1.0)